Federated Hermes Inc. Lowers Position in Edison International (NYSE:EIX)

Key Points

• Federated Hermes Inc. reduced its stake in Edison International by 11.9%, owning 234,893 shares valued at approximately $13.84 million after selling 31,775 shares in the first quarter.
• Analysts have a mixed outlook on Edison International, with one sell rating, five hold ratings, and nine buy ratings, leading to a consensus rating of "Moderate Buy" with an average price target of $76.35.
• The company recently announced a quarterly dividend of $0.8275 per share, representing an annualized yield of 6.2% and a payout ratio of 46.95%.

Federated Hermes Inc. cut its stake in Edison International (NYSE:EIX - Free Report) by 11.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,893 shares of the utilities provider's stock after selling 31,775 shares during the period. Federated Hermes Inc. owned approximately 0.06% of Edison International worth $13,840,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Rakuten Securities Inc. raised its holdings in shares of Edison International by 4,633.3% during the 1st quarter. Rakuten Securities Inc. now owns 426 shares of the utilities provider's stock worth $25,000 after buying an additional 417 shares in the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Edison International during the 1st quarter worth $25,000. Investment Management Corp VA ADV raised its holdings in shares of Edison International by 159.6% during the 1st quarter. Investment Management Corp VA ADV now owns 431 shares of the utilities provider's stock worth $25,000 after buying an additional 265 shares in the last quarter. Bellwether Advisors LLC acquired a new position in shares of Edison International during the 4th quarter worth $34,000. Finally, Mizuho Bank Ltd. acquired a new position in shares of Edison International during the 4th quarter worth $50,000. 88.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Wolfe Research cut Edison International from an "outperform" rating to a "peer perform" rating in a report on Monday, June 9th. JPMorgan Chase & Co. reduced their price objective on Edison International from $75.00 to $71.00 and set a "neutral" rating on the stock in a research report on Monday, May 19th. Morgan Stanley reduced their price objective on Edison International from $52.00 to $51.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 18th. Barclays upped their price target on Edison International from $64.00 to $65.00 and gave the company an "overweight" rating in a research report on Monday. Finally, Evercore ISI reiterated an "outperform" rating on shares of Edison International in a research report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Edison International presently has an average rating of "Moderate Buy" and a consensus target price of $76.19.

Edison International Stock Up 3.7%

EIX stock traded up $1.98 during trading on Monday, reaching $55.11. 5,142,320 shares of the stock were exchanged, compared to its average volume of 3,846,069. The firm's 50 day moving average is $51.92 and its 200 day moving average is $54.44. Edison International has a twelve month low of $47.73 and a twelve month high of $88.77. The company has a current ratio of 0.87, a quick ratio of 0.81 and a debt-to-equity ratio of 2.03. The firm has a market cap of $21.20 billion, a P/E ratio of 8.09, a price-to-earnings-growth ratio of 1.25 and a beta of 0.75.

Edison International (NYSE:EIX - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.09. Edison International had a return on equity of 11.99% and a net margin of 16.00%. The business had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.52 billion. During the same period in the prior year, the business earned $1.23 EPS. The firm's revenue for the quarter was up 4.8% on a year-over-year basis. As a group, research analysts forecast that Edison International will post 4.95 EPS for the current year.

Edison International Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, July 7th were paid a $0.8275 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $3.31 annualized dividend and a dividend yield of 6.0%. Edison International's dividend payout ratio is 48.60%.

Edison International Profile

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.